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Appearing this morning on CNN, Donald Trump was asked how Madoff managed to dupe so many people so many times (hat tip to ClusterStock):
People were greedy. They thought he was going to get them a little bit more return, or a lot more return. I mean, he was a Svengali for rich people. There are Svengalis for women; this guy was a Svengali for rich people -- very rich people. But when you think of a person putting up 100 percent of their net worth and even mortgaging their house, even though they had a lot of cash -- mortgaging their house to get more cash to this guy -- and now they're going to have to go out, literally, and maybe work in a drugstore. I don't know what they're going to do.
Trump says he didn't lose any money in the scandal.
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.